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SENASTE
After a period of negative profitability, Serneke returned to positive EBIT, reaching SEK 31m in Q1. The result was 44% below our EBIT estimate, however, so we lower sales by 3-4% and cut EBIT by 10% for 2021E. On the positive side, the project development segment (Serneke Invest) showed significantly better sales and EBIT than we expected, due to the divestment of building rights to Balder. We will likely see more building rights disposals during the year, but our estimates are cautious because timing is difficult to forecast. We shift our focus towards 2022E, as we expect it will be a normalised year. We hence use 2022E EBIT in our valuation approach and marginally increase our SOTP-based target range to SEK 89-122 (84-120). Marketing material commissioned by Serneke.
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